O’Neal Gone: Reps Apathetic, Analysts Say Get Back To BasicsOct 30, 2007,By Christina Mucciolo Stan O’Neal was allowed to retire it was announced today, after 21 years at the company, the last five as CEO. Alberto Cribiore, a member of the board and founder of Brera... O’Neal Rumored To Be On the Chopping BlockOct 26, 2007,By David Geracioti Apparently Merrill Lynch has been gorging itself on risk. And, it may cost CEO Stan O’Neal his job, according to Charles Gasparino on CNBC’s website today... Bonus Time on Wall Street is Bonus Time For NYC RealtorsOct 25, 2007,By Christina Mucciolo Wall Street bonuses and their effects on the sale of luxury apartments in Manhattan? Said to be like the moon and the tide. The Wall Street bonus season reached record heights... Arbitration Works, Says SIFMA; No It Doesn’t, Says PIABAOct 24, 2007,By Karen Donovan The Securities Industry and Financial Markets Association released a “white paper” today about how well the mandatory arbitration system works... Ameriprise Branches Face Potential Fines for Fake Financial PlansOct 24, 2007,By Halah Touryalai Ameriprise Financial Services has long been accused of possessing a culture that’s more concerned with sales commissions than compliance. The latest allegations against the company from the New Hampshire Bureau of Securities Regulation suggest that may still be very much the case, at least in that state.... Merrill Earnings Ugly, But Brokerage Is The Sweet SpotOct 24, 2007,By John Churchill Stan O’Neal opened Merrill Lynch’s earnings call by not beating around the bush: The firm had a net loss of $2.3 billion, due largely in part from $7.9 billion in write-downs related to exposure to sub-prime mortgages and collateralized debt obligations (CDOs).... The New New RIA Model: Sharing Back OfficesOct 24, 2007,By Halah Touryalai The barriers to going independent are shrinking. Don’t believe it? Check out Mraz, Amerine & Hirschler & Associates, a new RIA in Modesto, Calif., a firm launched by three wirehouse advisors who left Morgan Stanley earlier this month with $400 million in client assets. To avoid dealing with the hassles of starting a business, the group affiliated with an already existing RIA: San Jose, Calif.-based Concert Wealth Management, which will share all of its back-office support and compliance with the new team.... If Allegations Prove True, File This Under: Stupid BrokerOct 23, 2007,By David A. Geracioti The SEC has filed a complaint against a former LPL rep and branch manager, who, the SEC says, had been engaging in one of the oldest broker tricks in the book: Stealing his clients money. ... College Costs: Up, Up and AwayOct 23, 2007,By John Churchill How’s Billy’s 529 plan coming? More gloomy news for parents is good news for financial advisors: Tuition continues to rise at an inflation-topping rate, according to the annual survey by the non-profit organization, College Board. ... Pre-Earnings Whisper Not Good for MerrillOct 23, 2007,By John Churchill By announcing the likelihood of a multibillion-dollar write-down in its third quarter a few weeks ago, Merrill Lynch prepared investors for dismal earnings. One day before their release, just how bad those earnings will be is fueling the rumor mill.... Don’t Settle With Regulators—Litigate, Says Sutherland Et Al. (That Figures, Regulators Retort: Lawyers Would Say That)Oct 19, 2007,By Karen Donovan It may be better to fight than to make a deal when the Financial Industry Regulatory Authority’s (FINRA) enforcement division comes calling, according to an annual study of disciplinary proceedings by the Washington D.C. office of the law firm Sutherland Asbill & Brennan. ... At Citi, Profits Are Down; Smith Barney Wins Five Morgan FAs With Nearly $600m AUM; ML Loses TwoOct 18, 2007,By Halah Touryalai So Citigroups’ third quarter profits are down 57 percent, net income fell to $2.38 billion compared with $5.51 billion in the same quarter last year. The stock price has been at a near standstill since 2004. Investors are calling for Chuck Prince’s head. ... Take Comfort In The Quiet Life, Mr. Financial AdvisorOct 15, 2007,By John Churchill Is your revenue production down? Not bringing in those million dollar accounts? Maybe your branch manager has threatened to move you to a more rural location, or garnish your wages a bit? Be thankful—at least he’s not asking you to take female hormones and dress up like a woman! The New York Post recently reported (read story here) that Andrew Tong, a trader at SAC Capital, the $2 trillion Stamford-based hedge fund, filed a lawsuit last week in Manhattan Supreme Court alleging those very things against his boss, Ping Jiang. ... Judge OKs Millions To Morgan Stanley Female RepsOct 11, 2007,By Halah Touryalai Some 2,700 female Morgan Stanley advisors and trainees (oh, and their lawyers) just got $46 million richer. A federal judge approved settlement of the class action lawsuit six months after the women settled with the firm. ... India, China…Mars? McCann Talks GlobalizationOct 4, 2007,By Halah Touryalai The industry is changing—and you’d better be prepared to change with it. That was Bob McCann’s message to attendees of SIFMA’s 30th annual Sales and Marketing conference in New York City this morning. ... Merrill Earnings Forecast Dismal, Congress Investigating Rating AgenciesSep 27, 2007,By John Churchill Merrill Lynch doesn’t report third quarter earnings for another couple weeks, but with many peers already having taken it on the chin, analysts expect significant pain for Merrill too.... Expunging Customer Complaints Is Too Easy . . . So Say Client LawyersSep 25, 2007,By Karen Donovan The lobbying group of plaintiffs’ lawyers who represent customers in disputes with their brokers is calling on FINRA and the SEC to “immediately halt” the practice that allows arbitration panels to expunge customer complaints from a rep’s record.... Banks Officially Welcomed into the Brokerage World Under New SEC RuleSep 21, 2007,By Halah Touryalai It only took eight years, but the SEC and the Board of Governors of the Federal Reserve System passed final rules this week defining how banks can act as securities brokers. ... SEC charges 38 in Multi-Million Dollar Stock Loan Kick-Back SchemesSep 21, 2007,By Christina Mucciolo The Securities Exchange Commission (SEC) charged 38 defendants of stealing more than $12 million in stock loan kickbacks from their Wall Street employers. Basically stock loan traders at Morgan Stanley, A.G. Edwards, Nomura Securities and Oppenheimer, among others, worked with phony stock loan “finders” to skim profits from the traders’ firms in the form of finder fees, and then took cash kick backs from these finders. The SEC alleges the fraudulent transactions took place from 1998 to June 2006. ... SEC Relaxes Principal Trading Rules, TemporarilySep 19, 2007,By John Churchill The SEC has thrown a bone to the large brokerage firms. After taking away fee-based brokerage accounts in March, the Commission has eased the requirements of principal trading rules.... Report Criticizes SEC Investigation ProcessSep 19, 2007,By John Churchill A report from the Government Accountability Office (GAO) released on Monday says the enforcement division of the SEC needs to improve the way it handles investigations.... Burning Calories and Breaking NecksSep 19, 2007,By Halah Touryalai Ever wonder what a rocky market does to a New York broker? Well, if you were at the city’s swanky uptown Equinox Gym last month, you might have seen one heave a fellow gym member (and bike) into a wall. Okay, so maybe it wasn’t the market that allegedly triggered Christopher Carter, a broker at Maxim Investments Group, to hurl a hedge fund manager into a wall—but the real reason ain’t so great either.... Cease and Desist Order Looms for NEXT Financial GroupSep 18, 2007,Halah Touryalai NEXT Financial Group is in the hot seat again. The Securities Exchange Commission issued an Order Instituting Cease-and-Desist Proceedings against the independent broker/dealer late last month.... Overtime Finally Pays OffSep 13, 2007,By Halah Touryalai In January, Smith Barney brokers may be the first to cash in on overtime lawsuits that have been all the rage over the last two years. A Northern District of California judge approved the allocation of $98 million in settlement money, as well as the schedule for carrying out the settlement. ... Regulators Investigate “Fraud Lunches” For SeniorsSep 10, 2007,By Christina Mucciolo An investigation of 110 investment firms was made public today at a Senior Summit held by the Securities and Exchange Commission (SEC). The SEC and the Financial Industry Regulation Authority (FINRA) conducted a year-long examination (April 2006 to June 2007), and found that “free lunch” seminars advertised as educational sessions (sans sales pitches) for senior citizens were more like recruiting venues, replete with sales presentations of financial products and fraud. (Click here to read the release.) Although the names of the firms were not disclosed, the release says the areas of the investigation included states which have a large population of retirees, such as Florida, California, Texas, Arizona, North Carolina, Alabama and South Carolina....
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